That is the new and interesting book by Yair Listokin. He argues that during a downturn regulators perhaps should be slower to approve utility rate increases, the IRS should run tax policy in a more stimulative manner, construction expenditures should be less regulated, and some environmental review should be eased. Perhaps during the Greek financial crisis, all prices and debt contracts should have been lowered, by law, an immediate ten percent, to ease the deflation.
Should so many different parts of government, including at the state and local level, have macroeconomic goals added to their missions? I am not sure, but I am glad to see an entire book devoted to the idea.